Alaric has customers in the US, Europe, Middle East, Australia and Asia and its products currently power more than 1.6bn transactions a month.

NVM and Foresight have invested £5m and £2.4m in the company, respectively.

Foresight partner David Hughes said, “The management team at Alaric has done a terrific job in developing the company into a global leader in its field.

“This transaction highlights the role that venture capital trusts continue to play in funding UK SMEs, in particular in providing growth capital at a time when traditional bank funding continues to be scarce.”